State of Tennessee, Department of Treasury

View all activity View 13F on SEC

Data as of Q4 2025

Institutional investor tracked via SEC 13F filings. Portfolio snapshot as of 2025-12-31.SEC EDGAR Source

Assets Under Management

$31.3B

Total Positions

1,727

New This Quarter

Filing Period

2025-12-31

Portfolio Allocation

Top holdings by portfolio weight

NVDA5.14%

AAPL4.25%

MSFT3.57%

EWT2.73%

EWY2.67%

AMZN2.54%

GOOGL2.14%

INDA1.81%

GOOG1.78%

AVGO1.73%

Other14.89%

Position Outcomes

Best and worst performing positions by estimated return

Top Winners

FIX29Q held

Comfort Systems USA Inc

Avg $131.21 · $10.2M est. P&L

Est. P&L

+621.68%

SATS9Q held

EchoStar Corp

Avg $18.57 · $4.7M est. P&L

Est. P&L

+488.18%

KGC11Q held

KINROSS GOLD CORP

Avg $5.25 · $16.6M est. P&L

Est. P&L

+445.21%

Top Losers

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Cost basis estimates based on full filing history using quarter-end prices. Actual transaction prices are not disclosed in 13F filings.

Top Holdings(Showing 25 of 1727 — sorted by value)

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Activity:

Stock	Shares	Value	Weight	Price Trend	Avg Buy	Est. P&L	Held	Conviction
NVDA NVIDIA Corp	8.4M	$1.6B	5.1%	—	$112.73	+66.37%	29 qtrs	Decreased 0
AAPL Apple Inc	5.1M	$1.3B	4.2%	—	$94.47	+188.79%	29 qtrs	Decreased 0
MSFT Microsoft Corp	2.6M	$1.1B	3.6%	—	$112.38	+333.77%	29 qtrs	Decreased 0
EWT ISHARES INC	12.5M	$852.5M	2.7%	—	$30.80	+106.85%	29 qtrs	Decreased 0
EWY ISHARES INC	6.8M	$836.1M	2.7%	—	$53.57	+84.08%	29 qtrs	Decreased 0
AMZN Amazon.com Inc	3.3M	$795.5M	2.5%	—	$109.82	+111.75%	29 qtrs	Increased 54
GOOGL Alphabet Inc	2M	$669.8M	2.1%	—	$103.87	+202.15%	29 qtrs	Decreased 0
INDA ISHARES TR	10.9M	$565.3M	1.8%	—	$42.70	+25.61%	29 qtrs	Decreased 0
GOOG Alphabet Inc	1.6M	$556.9M	1.8%	—	$95.14	+230.63%	29 qtrs	Decreased 0
AVGO Broadcom Inc	1.6M	$540.3M	1.7%	—	$158.14	+121.23%	29 qtrs	Decreased 0
VTI VANGUARD INDEX FDS	1.6M	$539M	1.7%	—	$189.62	+78.17%	29 qtrs	Increased 50
META Meta Platforms Inc	751,330	$538.3M	1.7%	—	$149.64	+345.05%	29 qtrs	Decreased 0
TSLA Tesla Inc	960,005	$413.2M	1.3%	—	$257.44	+76.52%	21 qtrs	Decreased 0
PLD Prologis Inc	2.4M	$309.9M	1.0%	—	$94.46	+36.57%	29 qtrs	Increased 45
JPM JPMORGAN CHASE & CO.	978,881	$299.4M	1.0%	—	$92.98	+246.29%	29 qtrs	Decreased 0
BRK/B Berkshire Hathaway Inc	622,564	$299.2M	1.0%	—	—	—	29 qtrs	Decreased 0
VEA VANGUARD TAX-MANAGED FDS	4.3M	$286.1M	0.9%	—	$38.06	+64.99%	29 qtrs	Decreased 0
LLY Eli Lilly & Co	267,279	$277.2M	0.9%	—	$290.24	+271.40%	29 qtrs	Decreased 0
SRLN SSGA ACTIVE ETF TR	6.3M	$257.6M	0.8%	—	$35.36	+15.96%	29 qtrs	Decreased 0
EWZ ISHARES INC	6.9M	$256.6M	0.8%	—	$24.88	+28.60%	29 qtrs	Decreased 0
VCIT VANGUARD SCOTTSDALE FDS	2.9M	$244.7M	0.8%	—	$71.23	+17.44%	29 qtrs	Increased 46
MBB ISHARES TR	2.5M	$238M	0.8%	—	$85.76	+10.92%	29 qtrs	Increased 46
TSM TAIWAN SEMICONDUCTOR MFG LTD	718,960	$237.7M	0.8%	—	$299.58	0.00%	1 qtr	New 60
VCLT VANGUARD SCOTTSDALE FDS	3.1M	$237.2M	0.8%	—	$68.56	+10.82%	29 qtrs	Increased 47
XOM Exxon Mobil Corp	1.6M	$223M	0.7%	—	$62.44	+92.47%	29 qtrs	Decreased 0
Showing 25 of 1,727 results.PROUpgrade to see all →

Accumulation Streaks

Positions with 2+ consecutive quarters of increases — persistent directional conviction.

Security

CTRECARETRUST REIT INC

Q2 2024 → Q4 2025+33,167 shares+$1.9M

CRGYCrescent Energy Co

Q4 2024 → Q4 2025+201,448 shares+$1.9M

SNPSSynopsys Inc

Q4 2024 → Q4 2025+45,380 shares+$19.6M

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Data sourced from SEC EDGAR 13F filings. Not financial advice. Full disclaimer